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How do I pay the least interest possible on a car loan?
I'm a bit thrifty, so I'm trying to minimize how much I pay on my car loan. How do I get the lowest interest rate possible?
Eric Schad · Updated on
Reviewed by Shannon Martin, Licensed Insurance Agent.
Good question! I’m happy to say that there are many different methods to pay the least amount of money on your
car loan
. Here are some ways to get started:- Choose the lowest length of loan possible
- Shop around for the best car insurance rate
Once you get the loan, do one or more of these to pay the loan off early:
- Make early payments on the loan
- Double up on payments each month
- Make a lump sum payment toward the loan quarterly or yearly
However, you need to make sure to budget in other ways, like gas, maintenance, and car insurance. For your car insurance needs, check out the
Jerry
app. We’ll get you personalized quotes from top-of-the-line providers in seconds, so that all you have to do is pick the plan that works best for you. And once you pick one, we’ll even help you switch!Best of luck, and happy saving!
View full answer
- Gregory R.
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